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Setting a precedent? General Mills slashes CEO’s Pay 6%

Soggy sales and wilting earnings are slicing into the pay package of General Mills’ CEO Ken Powell.

The marketer of Cheerios cereal, Pillsbury bakery products and Green Giant vegetables paid Powell 2014 fiscal year compensation valued at $8.1 million, a 6% drop from 2013. Powell gained another $7.4 million from vested shares and exercising previously awarded stock options, General Mills said Monday in an annual proxy filing.

General Mills, which posted drops in cereal, dough and vegetable sales, reported overall fiscal 2014 revenue rose just 0.7% to $17.9 billion. Net earnings fell 2% to $1.82 billion.

Read more: America’s Markets

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